As to government bonds, Chew favors those with a shorter maturity date, as they offer a certain level of safety.

Cash is also her preference despite yields being low for the major currencies.

"If we are right about inflation, that CPI could turn negative in a couple of months in the U.S., then cash doesn’t look too bad," she says on CNBC Asia's "Protect Your Wealth". "Because in real terms, you are actually getting a positive return as inflation turns negative, despite low nominal yields. I think within that space, we would look for selective opportunities in some currencies, particularly the Aussie dollar."

Chew also likes gold as a dollar hedge. "As fiscal deficits grow and foreign creditors become less willing to buy U.S. assets, you may have a scenario where the dollar weakens. So gold would be an important insurance," she explains. "In terms of instruments, you could think of ETFs, you could think of many other structured ideas around gold. But we’re thinking clearly of just gold as a commodity, as an asset class."